Brazil lubricant demand to increase 2.5% in next 10 years - exec

05 December 2013 16:46  [Source: ICIS news]

JERSEY CITY, New Jersey (ICIS)--Brazilian lubricant demand will grow 2.5% in the next 10 years, an executive with Ipiranga said on Thursday.

The growth in demand is slower than the 6.4% growth that occurred between 2010 and 2012 but represents a ripe opportunity for lubricants producers and merchants such as Ipiranga, said Sergio Viscardi, the group's technical manager of fuels and lubricants.

He made his comments during a presentation of the ninth ICIS Pan-American Base Oils & Lubricants Conference.

Viscardi pointed to the underlying potential for greater demand growth in Brazil, citing statistics that showed only 18% of the population in South America’s largest country own an automobile.

The ICIS Pan-American Base Oils & Lubricants Conference continues through Friday.

By: Jeremy Pafford
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